Digital River Aligns its European Operations with a Unified Go-to-Market Strategy

In addition, these offices will offer increased local operational support to help clients accelerate entry and revenue growth within Europe. In connection with this initiative and the achievement of the integration milestones and obligations under the element 5 acquisition agreement announced on April 19, 2004, Gerrit Schumann and two other selling shareholder managers have decided to leave the company to pursue business interests outside of the outsourced e-commerce industry. These managers will remain on board at element 5 to transition their duties during the next sixty days. Mr. Schumann also has resigned from Digital Rivers Board of Directors. Digital River has appointed Don Peterson, the companys current vice president of client management, to lead this European initiative. Mr. Petersons experience encompasses more than 20 years of industry experience, including executive positions with large market leaders, such as IBM and Accenture. He also has successfully founded and developed two private firms, and led their integration into acquiring companies. To assist Mr. Peterson in meeting future growth objectives, several key element 5 managers have been promoted to senior positions.